Is Sterling Heights, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Sterling Heights is a seller's market

Buyer's
Market

Difference Since February 2023

Since last year, Sterling Heights has remained a Seller's Market.

Key Takeaway

Sterling Heights is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Sterling Heights, MI

How much do homes in Sterling Heights, MI cost?

Median Sold Price

$288,666

$185/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$8,666(+3.1%)

Key Takeaway

Homes in Sterling Heights have sold for 3.1% more than they did a year ago.

Summary: The median home sold price in Sterling Heights was $288,666 in February 2024, up 3.1% from last year, and the median price per square foot was $185.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $95K$95K
0%
2 $191.5K$210K
+9.7%
3 $278.7K$285.2K
+2.3%
4 $333.2K$344.2K
+3.3%
5+ $396K$394K
-0.5%

Summary: Sterling Heights housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 9.7%, 3 bedroom homes increased by 2.3%, 4 bedroom homes increased by 3.3%, and 5+ bedroom homes decreased by 0.5%.

Median Sold Price Compared To Nearby Cities

Utica
+90.4%
Shelby Charter Township
+3.4%
Sterling Heights
+3.1%
Fraser
+2.1%
Clinton Township
-0.6%

Housing Supply in Sterling Heights, MI

How many homes are available in Sterling Heights, MI?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
224234+4.5%

Summary: The Sterling Heights real estate market had 234 homes for sale in February 2024, a 4.5% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 11
0.0%
2 4042
+5.0%
3 114120
+5.3%
4 6465
+1.6%
5+ 56
+20.0%

Summary: The Sterling Heights housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 5%, 3 bedroom homes increased by 5.3%, 4 bedroom homes increased by 1.6%, and 5+ bedroom homes increased by 20%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
7376+4.1%

Asking Price vs. Sold Price

31 Homes Were Sold
Under Asking

10 Homes Were Sold
At Asking

35 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Sterling Heights, you could pay more than the asking price. 46.1% of homes here sold above asking price last month.

Summary: A total of 76 homes were sold or pending in Sterling Heights in February 2024, up by 4.1% month-over-month. Of the 76 sold homes, 41% were sold under asking, 13% were sold at asking, and 46% were sold over asking.

Days on Market for Sterling Heights, MI

How long does it take to sell a home in Sterling Heights, MI?

Average Sale Time

Feb 2023Feb 2024CHANGE
15 Days24 Days+56.7%

Summary: Homes in Sterling Heights had an average of 24 days on market in Feb 2024, up by 56.7% compared to last year.

Breakdown of Home Sale Times

56 Homes Were Sold
Under 30 Days

17 Homes Were Sold
In 30 - 90 Days

3 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Sterling Heights are selling fast, if you're buying plan to act quickly.

Summary: During February 2024, 76 homes were sold in Sterling Heights; 74% of homes were sold within 30 days, 22% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 3 Days Ago

Newest Listings in Sterling Heights, MI

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